ANNUAL MEETING INFORMATION

 The annual meeting of the shareholders will be held on
 April 26, 2018 at 1:00 PM Eastern Daylight Time.

 Location:  The St. Regis Hotel
         Two East 55th Street at Fifth Avenue
         New York, New York 10022

The Annual Meeting is open to all of our shareholders. If you are a shareholder of record and if you plan to attend the meeting, you must present a valid picture identification to be admitted to the meeting. If you are a beneficial shareholder (i.e., shares held through a brokerage account) and plan to attend the meeting, you must present valid picture identification and show a valid proof of ownership of shares by presenting any of the following: (1) a copy of a brokerage statement, (2) a legal proxy, (3) a letter from the broker confirming ownership of shares, or (4) an admission ticket which can be obtained by registering in advance of the meeting at www.proxyvote.com/register. Shareholders may bring up to two guests; however, each guest must be registered by the shareholder at www.proxyvote.com/register as well as present valid picture identification along with the admission ticket. If we cannot verify that you own Biglari Holdings shares or are a registered guest, you will not be admitted to the meeting.

 Cameras, recording devices, and other electronic devices
 will not be permitted at the meeting.